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Wednesday, June 17, 2009

Reynolds Eyes Absolute Retirement

by: Meredith Mazzilli

New options aimed at provide absolute returns in a retirement investing vehicle appear to be on the horizon at Putnam Investments. CEO Bob Reynolds, while at the Forbes CEO Forum in Scotland on Wednesday, revealed to Bloomberg that Putnam plans to create age-related, absolute return funds designed to mix traditional stock and bond investments with targeted returns. While final details have yet to be worked out, the funds will set the level of assets aimed at gaining fixed returns as the investor nears retirement.

The new funds would be part of Reynolds’ ongoing efforts to head up a turnaround at Putnam –- efforts that have not gone unnoticedas of late (see The MFWire, 6/04/2009). Reynolds oversaw the launch of four absolute return funds earlier this year, and also apparently has ambitions to offer hedge fund portfolios in the near future (see The MFWire, 6/05/2009).

 

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